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    Beneficiary

    A beneficiary is someone who will receive the super funds under a Binding or Non-binding Death Benefit Nomination. 

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    Binding Death Benefit Nomination

    A Binding Death Benefit Nomination is a way to nominate who will receive your superannuation funds should you pass away. However it is only valid for a period of three years and therefore needs to be updated to ensure it remains current.

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    Co-contribution

    If you make additional contributions to your super, you may be eligible for a co-contribution from the government. The amount the government contributes will depend on your salary and capped at a certain amount. 


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    Complying Fund

    A fund that follows the rules contained in the superannuation Industry (Supervision) Act 1993 and the Fund’s Trust Deed. 


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    Concessional contributions

    Contributions from before-tax income, or for which a tax deduction has been claimed. It can be a contribution by you or for you into your super fund. The Fund will pay the tax on the contribution. Often this is done as a salary sacrifice.


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    Death Benefit

    If a superannuation member should die, the Fund will pay a death benefit to an eligible beneficiary or to the deceased member’s estate either as a lump sum or an income.


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    Default insurance cover

    The default insurance cover is the minimum level of automatic life insurance offered by your Fund.


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    Group salary continuance insurance

    Also known as Income Protection. This is a type of cover provided by your Fund to provide income protection (usually up to 75% of your income) should you be unable to work due to injury or illness. It is not offered by all super funds so check with your Fund to see whether it does. 

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    Income Protection

    Should you be unable to work for a period due to illness or injury, income protection will provide you with a percentage of your income subject to a capped benefit amount or time limit.


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    Insurance premium

    An insurance premium is the cost of obtaining insurance cover, paid as a lump sum or in instalments during the duration of the policy.


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    Insured death benefit

    The payment of a life insurance benefit upon the death of a fund member. 


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    Investment choice

    The selection of investment options available to you through your super fund.


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    Master Fund

    A superannuation fund which has one trust deed that allows a number of companies or individuals to join.


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    Member Contributions (after-tax)

    An additional contribution made by members from their take-home wage or salary.


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    MySuper

    The purpose of MySuper is to reduce the complexity and excessive fees of default superannuation products. All super funds within Australia are now required to offer a MySuper product, if they wish to accept Super Guarantee Contributions. 


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    Non-concessional contributions

    Non-concessional contributions are after-tax contributions into superannuation.


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    Preservation Age

    The age at which you can access your super funds. This will depend on your date of birth.

     

    Date of birth

    Preservation age

    Before 1 July 1960

    55

    1 July 1960 - 30 June 1961

    56

    1 July 1961 - 30 June 1962

    57

    1 July 1962 - 30 June 1963

    58

    1 July 1963 - 30 June 1964

    59

    After 1 July 1964

    60

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    Salary Sacrifice

    A concessional contribution to your super made by you from your before-tax pay. This means the contribution is taxed at a different rate to your normal salary or wage.


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    Superannuation Guarantee

    The Superannuation Guarantee is a compulsory system of superannuation support for Australian employees, paid for by employers. 


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    Switching Fee

    A fee to change the way your money is invested.


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    Total and Permanent Disability (TPD)

    An injury or illness that means you are no longer able to work. Some super funds will offer TPD insurance.